Unfortunately 3DLayers by default means running under QEMU is going to be difficult, but disabling it means you could just get basic 2D working through a graphics driver for the emulated graphics adapter - the Cirrus logic CL5446 card QEMU emulates is exactly the same as the ones on the original Picasso IV. So there is a workable driver around somewhere that can be forward-ported.

The ES1371 that it emulates is the same one that AHI supports, and the Network card.. the RTL8139C is pretty common in Pegasos boxes as far as I remember :D

Okay so it's a step back in accelerated graphics, but it is a good start in all other aspects :)